According to blockchain data from the last 24 hours, Galaxy Digital purchased 2.31 million Solana (SOL) worth $536 million.
According to Arkham Intelligence data, the tokens in question were transferred to Galaxy from Binance, Bybit, and Coinbase wallets.
Galaxy Digital has not yet confirmed this purchase, but the amount and timing of the purchase have sparked speculation in the market.
Galaxy Supports Forward Industries' Solana Move
This purchase follows Galaxy's investment in Forward Industries (NASDAQ: FORD), which has become a Solana-focused digital asset treasury.
Galaxy, Jump Crypto, and Multicoin Capital led a $1.65 billion private placement for Forward.
The company announced on Thursday that the funding round had closed and that the funds raised would be used to purchase SOL.
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